TenneT secures $14b investment for German grid expansion

Funding ensures expansion of Germany’s high-voltage transmission network.

TenneT Holding has reached an agreement with APG (on behalf of Dutch pension fund ABP), Singapore’s sovereign wealth fund GIC, and Norges Bank Investment Management (NBIM) to invest up to $14.33b (€9.5b) in TenneT Germany. The deal secures the equity needed to expand Germany’s high-voltage transmission network.

The incoming investors will commit up to $14.33b (€9.5b) in equity, contributed partly at closing and partly over subsequent years.

TenneT Germany’s enterprise value is estimated at approximately $60.39b (€40b) on a cash- and debt-free basis, with a pre-money equity value of $15.70b (€10.4b) as of 31 December 2025.

Post-transaction ownership is expected to be around 54% TenneT Holding and 46% institutional investors.

The deal supports a robust investment-grade financial policy, positioning TenneT Germany to raise debt financing for its CAPEX program.

The German government has expressed interest in a potential stake in TenneT Germany. TenneT and the Dutch state are open to this possibility and plan discussions with Kreditanstalt für Wiederaufbau (KfW) regarding potential participation alongside the institutional investors.

The transaction, expected in the first half of 2026, requires regulatory approvals.

TenneT was advised by ABN AMRO Bank and Lazard (financial) and De Brauw Blackstone Westbroek and Hengeler Mueller (legal). The institutional investors were advised by RBC Capital Markets (financial) and Clifford Chance (legal).